Maitland/AMO Cryptocurrency Monitor – 2 April 2020
The Big Read
The world’s biggest bitcoin and cryptocurrency exchange, Binance, is in talks to acquire popular crypto data site CoinMarketCap. The deal, said to be in final stages, looks set to see Binance pay as much as $400m for CoinMarketCap. It is also noted that Binance has been focused on expansion around the world in recent years, taking its services to the US in 2019.
A recent patent application suggests that Microsoft is working on a proof-of-work algorithm that uses brain waves to mine cryptocurrency. The activity would replace the “massive computation work” that normal cryptocurrency mining requires, with the data gathered by the body activity considered as proof of work.
CoinDesk reports that the coronavirus pandemic has touched every corner of the world economy – including online black markets. Customers spent fewer bitcoins at darknet markets over the last two months despite the slide in the cryptocurrency’s price, according to data from blockchain surveillance firm Chainalysis. Darknet markets are websites that facilitate the sale of illegal goods, usually drugs, counterfeit currencies and weapons.
CoinTelegraph writes that after facing multiple delays, the adoption of Russia’s major cryptocurrency law will be postponed again, now due to the coronavirus. Anatoly Aksakov, chairman of the Russian State Duma Committee on Financial Markets, says that the country’s crypto law — the bill “On Digital Financial Assets” — is now finalized but won’t be adopted before the end of the spring 2020.
The President of the Brazilian Banking Federation Murilo Portugal has argued that cryptocurrencies are not really currencies at all. Portugal argues that “cryptocurrencies do not fulfil any of the classic functions of the currency” and said they are not a unit of account, or a means of exchange, or a store of value.
New Kid on the Block – The Technologies, Funds and ICOs you should know about
The Cryptocurrency Post writes that Microsoft is proposing a new system of mining Cryptocurrency. In a new patent, the company proposes that cryptocurrencies can be mined using data collected from humans as they exercise or read an advertisement.
Scams, Sanctions and Suspicious Activity
Kylian Mbappe caught up in cryptocurrency scam as cops investigate use of his image without permission on online adverts
The Sun writes that World Cup winning midfielder Kylian Mbappe is caught up in a cryptocurrency scam with police probing the alleged use of his image without permission. The Paris Saint-Germain striker has reportedly filed a complaint of fraud with French police after his photo was used to encourage people to sign up for the dark web tender.
Following a warning from the national watchdog earlier this month, regional authorities across the United Kingdom say Bitcoin scammers are using the coronavirus crisis to hoax citizens. Manchester city council and the counties of Pembrokeshire and Norfolk have identified a range of tactics adopted by Bitcoin scams to take advantage of the social disorientation and anxiety amid the public health crisis.
Bulls & Bears of the week
"Bitcoin is being used not as a store of value endpoint, but as a channel on the road to obtain more stable currencies such as the US dollar, Colombian peso, Chinese yuan and various stablecoins." - Data Scientist Matt Ahlborg
"I really feel like it’s a no man’s land” - CMS Holdings partner Bobby Cho on the current cryptocurrency field